Cabinet nod to formally apply for RCEP membership

The Cabinet nod has been granted for Sri Lanka to formally apply for the membership in the Regional Comprehensive Economic Partnership (RCEP) trade bloc. 

President Ranil Wickremesinghe this week sought the approval of the Cabinet of Ministers to entrust the secretary to the president for directing a formal letter of concern to take part in the RCEP.

The RCEP is a free trade agreement (FTA) between 10 member states of the Association of Southeast Asian Nations (ASEAN), which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam and its five FTA partners, including Australia, China, Japan, New Zealand and the Republic of Korea.

The RCEP is considered to be the world’s largest free trade pact, encompassing 15 Asia-Pacific countries, covering approximately 30 percent of the world’s gross domestic product and population sans the United States.

“Joining hands with the said agreement opens doors to harvesting more economic and other benefits to Sri Lanka,” the Government Information Department said.

The government is also planning to seek the support of the member nations for its application to join the RCEP.